SOLUTION: Elena must get at least $120,000 for her house in order to break even with the original mortgage. If the real estate agent gets 6% of the selling price, then what should the se

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Elena must get at least $120,000 for her house in order to break even with the original mortgage. If the real estate agent gets 6% of the selling price, then what should the se      Log On

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Question 4143: Elena must get at least $120,000 for her house in order
to break even with the original mortgage. If the real estate
agent gets 6% of the selling price, then what should the
selling price be?
I tried to use your example link for this question,
but the link errors out.
Need help in setting up the variables for the equation.
Thanks
Answer by AnlytcPhil(1806) About Me  (Show Source):
You can put this solution on YOUR website!
Elena must get at least $120,000 for her house in order to break

even with the original mortgage. If the real estate agent gets 6% 

of the selling price, then what should the selling price be? I 

tried to use your example link for this question, but the link 

errors out. Need help in setting up the variables for the equation.

Thanks



Let $S = the selling price



>>...the real estate agent gets 6% of the selling price...<<



So the real estate agent gets $0.06S, meaning that Elena gets

$S - $0.06S.



>>...Elena must get at least $120,000...<<



So 



$S - $0.06S = $12000 (or more)



  1S - .06S = 12000  

1.00S - .06S = 12000

        .96S = 12000

           S = 12000/.96

           S = $12500



Edwin